Guilherme Estrella, Former Director of Exploration and Production at the State-Owned Company, Requests TCU to Block Dividend Payments from Petrobras to Shareholders in 2023

Written by Ruth Rodrigues

Published on 19/01/2023 at 11:01

Fonte: Brasil 247

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The Geologist Requested the TCU to Block the Payment of R$ 21.99 Billion in Dividends to Shareholders, After Claiming that the Measure is Disproportionate to the Oil Sector. Guilherme Estrella Highlights that Petrobras Should Not Take Such a Position.

Conflicts in the Brazilian oil and natural gas sector remain heated this Thursday, (01/19), once again involving the state-owned company Petrobras. Geologist Guilherme Estrella, former director of exploration and production at Petrobras and one of the responsible parties for the discovery of the pre-salt, requested the Federal Court of Accounts (TCU) to block the payment of R$ 21.99 billion in dividends to shareholders. He emphasizes that the distribution of funds does not meet the primary and public interest of the company in the national market.

TCU Receives Request from Guilherme Estrella to Block R$ 21.99 Billion in Dividends that Would Be Paid by Petrobras to the Company’s Shareholders

One of the best-known geologists in Brazil and a key figure on the team that discovered the national pre-salt, Guilherme Estrella is now embroiled in a new controversy involving Petrobras.

The expert requested TCU to block the payment of R$ 21.99 billion in dividends to the state company’s shareholders, based on criteria he considers disproportionate to the national oil and gas market.

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He believes that the current payment is completely atypical and disproportionately higher than the dividend distributions made by all major oil companies in the world, even though they are private organizations.

Minister Augusto Nardes initially denied the request from geologist Guilherme Estrella, asking for new documents and information from Petrobras to proceed with the process.

However, the expert is now urging the TCU president, Bruno Dantas, to take action amidst the instability in the national oil and gas sector at the beginning of the year.

“This distribution of dividends does not serve the best interest of the company (even if it were a completely private company) and even less the public purpose that inspired its creation. It is a true abuse of control power that, in this case, by also pleasing private shareholders, has been perpetrated without any questioning,” stated Guilherme Estrella.

Future Petrobras President, Jean Paul-Prates Advocates for Reduced Dividend Payments to Company Shareholders

Discussions about the acceptable amount of dividend payments from Petrobras to shareholders do not stop with geologist Guilherme Estrella.

This is because the future president appointed by current President Lula, Jean Paul-Prates, argued in a live broadcast conducted in May 2022 that the company should pay fewer dividends.

He believes that Petrobras’s correct stance for the coming months is to initially make investments in assets and projects in the sector, before the dividend payments to shareholders take place.

The senator also argues that the company should reinvest its resources in state assets and projects before turning back to the private market.

Additionally, Felipe Campos Cauby Coutinho, vice president of the Petrobras Engineers Association (Aepet), stated in an interview with Sputnik Brasil in November that “the dividend distributions promoted by Petrobras’s management in 2021 and 2022 are unsustainable.”

In 2022, Petrobras’s Board of Directors approved the payment of dividends to shareholders of over R$ 43.7 billion, which would be distributed in two installments: one in December and the other in January 2023.

Now, following the request from geologist Guilherme Estrella to the TCU, it is possible that this agreement will be revisited by the company.

Guilherme Estrella, Former Director of Exploration and Production at the State-Owned Company, Requests TCU to Block Dividend Payments from Petrobras to Shareholders in 2023

The Geologist Requested the TCU to Block the Payment of R$ 21.99 Billion in Dividends to Shareholders, After Claiming that the Measure is Disproportionate to the Oil Sector. Guilherme Estrella Highlights that Petrobras Should Not Take Such a Position.

TCU Receives Request from Guilherme Estrella to Block R$ 21.99 Billion in Dividends that Would Be Paid by Petrobras to the Company’s Shareholders

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Guilherme Estrella, Former Director of Exploration and Production at the State-Owned Company, Requests TCU to Block Dividend Payments from Petrobras to Shareholders in 2023

The Geologist Requested the TCU to Block the Payment of R$ 21.99 Billion in Dividends to Shareholders, After Claiming that the Measure is Disproportionate to the Oil Sector. Guilherme Estrella Highlights that Petrobras Should Not Take Such a Position.

TCU Receives Request from Guilherme Estrella to Block R$ 21.99 Billion in Dividends that Would Be Paid by Petrobras to the Company’s Shareholders

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

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A “silent skill” is allowing Brazilians to earn up to R$ 22,000 per month without a degree and become indispensable for companies that rely on millions of data to survive.

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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With 16 Bulava missiles, improvements in acoustic stealth, and a design focused on silent patrols, Russia’s nuclear submarine was born to ensure Moscow’s invisible retaliation and has become one of the pillars of its maritime strength.